NE vs SDRL: Correlation
Measured on weekly returns over the past three years, Noble Corporation plc A (NE) and Seadrill Limited (SDRL) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NE and SDRL?
Over the past 3 years, NE and SDRL moved with a correlation of 0.79, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.69 versus 0.79 over 3 years. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 1252.9 %².
In NE's tracked universe of 16 assets, SDRL sits right near the top at #3. Correlation aside, the last 12 months split them widely, with NE ahead by 20.8 points (+72.1% versus +51.3%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NE vs SDRL: side by side
| NE (Noble Corporation plc A) | SDRL (Seadrill Limited) | |
|---|---|---|
| 1-year return | +72.1% | +51.3% |
| 5-year return | +134.0% | n/a |
| Volatility (ann.) | 40.7% | 38.9% |
| Beta vs S&P 500 | 0.96 | 0.91 |
| Max drawdown (3Y) | -63.2% | -66.1% |
| Market cap | $7.5B | $3.0B |
| P/E (trailing) | 48.2 | 1612.7 |
| Dividend yield | 4.43% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NE | SDRL |
|---|---|---|
| 2022 | +52.0% | – |
| 2023 | +29.5% | +44.9% |
| 2024 | -31.6% | -17.7% |
| 2025 | -3.2% | -11.1% |
| 2026 | +69.2% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NE and SDRL good diversifiers for each other?
Only partially. A correlation of 0.79 means NE and SDRL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NE and SDRL?
The NE/SDRL correlation stands at 0.79 on a 3-year window (1 year: 0.69, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is SDRL a good diversifier for NE?
Only partially. A correlation of 0.79 means NE and SDRL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
A reading of 0.79 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ne-vs-sdrl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ne-vs-sdrl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NE correlations · SDRL correlations
